Excel Maritime Reports 3Q Results

Wednesday, November 14, 2007
Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its financial and operating results for the third quarter and nine month period ended September 30, 2007 and declared a quarterly dividend of $0.20 per share for the third quarter 2007. Total revenues for the third quarter 2007 amounted to $43.2m as compared to $32.7m for the same period in 2006. Net income for the third quarter 2007 amounted to $19.2m versus $9.9m for the same period in 2006. Earnings per share for the third quarter 2007, calculated on 19,978,365 shares were $0.96 compared to $0.50 in the third quarter of 2006. The average number of shares outstanding in the third quarter of 2006 was 19,949,644. It should be noted that the third quarter 2007 figures include unrealized losses of $0.7m or $0.04 per share while third quarter 2006 figures include unrealized losses of $0.9m or $0.04 per share due to the existence of interest rate swaps that do not qualify as hedge accounting. The results of the third quarter 2007 include $0.4m of income or $0.02 per share due to Excel's participation in Oceanaut. EBITDA for the third quarter 2007 was $29.9m compared to $21.4m during the third quarter 2006. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income. An average of 16 vessels were operated during the third quarter 2007 earning a blended average time charter equivalent rate of $29,387 per day, compared to an average of 17 vessels operated during the third quarter 2006 earning a blended average time charter equivalent rate of $19,971per day.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ri'chard Joins Holland America Line as Director

Holland America Line has appointed Denella Riā€™chard to the position of director, trade communication and engagement. In this newly created role she is responsible

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Maersk to Scrap Ships at India's Alang Beaches, NGO Dismayed

Maersk Line said on Friday it had chosen four shipbreaking yards along India's Alang beaches to handle an increase in vessels that need to be scrapped, to the dismay

Offshore

Premier Oil and Rockhopper Abandon Ocean Rig Contract

Two of the major British players in Falkland Islands offshore oil development, Premier Oil and Rockhopper Exploration, cancelled a joint venture contract with Ocean Rig UDW.

US Oil Drillers Cut Rigs to Least in 6 Years

U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to

Eni, Exxon, Statoil Win Irish Offshore O&G Licences

The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni, Exxon and Statoil , allowing them to explore for hydrocarbons off the coast of Ireland.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0906 sec (11 req/sec)